The error message flashed across the screen for the third and final time. I entered the wrong password too many times. I couldn’t try again for another 30 minutes.
I seriously considered throwing my phone against the wall. But that wouldn’t help me pay my cable bill.
The rising threat of cybercrime had made me diligent about making complex passwords for my various accounts. I also changed them regularly.
Reputed short-seller Spruce Point Capital Management released its latest short report this week. The firm is shorting Canadian dairy and grocery manufacturer Saputo. Spruce Point chief Ben Axler believes the company is entering a phase of declining growth and highlights the financial stress and growing challenges he sees it facing, not only in Canada but Read More
But there are simply too many passwords to remember, and getting locked out is far too common now.
It’s definitely time to start looking into a password service that Ted Bauman had mentioned in the past.
However, we are quickly moving toward a world where remembering a series of numbers, letters and symbols to log into an account is becoming obsolete.
Soon, you will just need your face.
And that’s creating some fantastic investment opportunities if you know where to look.
The New Identification
In August, Paul Mampilly wrote about getting “chipped” so he doesn’t have to worry about remembering to carry his wallet to pay for things. The chip could even keep him from needing his passport prior to traveling out of the country.
The chip is about the size of a grain of rice. Inserted into the fleshy part of your hand, it contains your personal information.
With a wave of your hand in front of a reader, you can open secure doors, pay for items, use office equipment and so much more.
But that’s just the beginning.
A branch of KFC in Hangzhou, China, has rolled out a service in partnership with Ant Financial — a spinoff of Alibaba — that allows customers to pay for orders with their face.
Using a virtual menu, diners place their order. Facial recognition software identifies the customer so they can pay without swiping a credit card.
China Southern Airlines has started using facial recognition instead of boarding passes. U.S.-based JetBlue has also started experimenting with this technology.
We are seeing just the beginning of a revolution in how we interact with businesses — both for the purpose of identification and payment.
The Tech Sweeping All Sectors
According to a report from MarketsandMarkets, the biometrics industry will explode from $10.7 billion in 2015 to $32.7 billion in 2022.
Biometrics covers technology such as fingerprint readers, iris scanners, palm prints, facial recognition, vein scans and voice recognition.
The rise of cybercrime and poor password security has many companies and industries looking for new, more secure ways to authenticate users.
We are seeing a significant rise in implementation in health care, financial services and travel.
In fact, Australia’s Department of Immigration and Border Protection announced plans to automate roughly 90% of its air traveler processing by 2022.
And financial giant Citigroup has started using voice recognition to identify its customers. Within the first 15 seconds of conversation, the software can identify a customer.
Much easier than relying on multiple personal identification numbers (PINs) and security questions.
We’re also using biometric tech in our smartphones.
Apple was one of the first, rolling out its Touch ID in 2013. And the new iPhone is widely expected to have facial recognition.
Samsung has started using iris scanning with its latest phone.
More Than Security
Biometrics isn’t just limited to forms of payment and identification.
It’s a core part of the wearables that we love. These devices track and gather key biometric data such as pulse behavior, blood oxygen saturation, BMI and blood pressure.
Collecting this information allows for additional analysis by doctors, improving our health and extending our lives.
The use of biometric technology will touch nearly every industry. It offers not only increased convenience, but also a new layer of security.
No more endless strings of passwords.
No more PINs.
No more security questions.
Technology is harnessing the special things that make you unique in the world. Your eyes. Your face. Your fingerprints. Your voice. Even the intricate web of veins in your hand. All the wonderful things that make you an individual in the herd.
Demand for biometric software and technology is skyrocketing right now as we find new and interesting ways to implement it.
And this is the type of technological growth that Paul Mampilly is watching for in his Profits Unlimited newsletter.
Sr. Managing Editor, Sovereign Investor Daily
P.S. Wearables are more than just a part of the growing biometrics industry. They’re a key part of the precision medicine mega trend that Paul Mampilly has identified for his Profits Unlimited subscribers. Poised to revolutionize the entire health care industry, precision medicine will create massive profits for smart investors. Click here to learn more about this new mega trend and to get Paul’s latest trade.